Many UK and North European citizens are finding the idea of purchasing overseas more attractive and achievable. With a drop in the cost of air fares, interest rates in Europe getting lower, and the property itself offering capital growth, countries like Spain have become more enticing to prospective buyers. The country of Spain provides the advantage of brief air travel, plentiful sunshine and a thriving economy. Although buying property in Spain has received a bad rap, you can get a great deal if you follow a few basic guidelines. The following is a fundamental guide for those interested in purchasing real estate in Spain:
- Get your finances together before you do anything else.
Consider using a Spanish mortgage expert to guide you through the process. - It is important that you obtain professional help before venturing into any unfamiliar legal territory.
- To save yourself from becoming financially strapped, you should spend wisely and frugally.
- Be ready in case deadlines are stretched.
- Until you have the required funding, do not sign a contract to purchase anything.
- The Spanish purchase process is not the same as it is in the UK and other places
- Make sure you completely comprehend how taxes are incurred depending on the type of ownership status you choose If you don?t seek specialist advice
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. Many examples of people purchasing foreign property have negative results because they didn’t ask the right questions before they began the transaction. Before you sign a contract, you need to think about the next few questions, and others that you may have:
- Is the property’s land pastoral or urban? What complications can come from purchasing land that is rustic.
- What costs will have to be accounted for, including standard legal costs and tax costs?
- Are there any licenses in place, such as building licenses or first licenses of occupancy?
- Is this transaction being made with a direct purchase or is it part of a termination of deed?
- In this specific purchase, will any be under declaration?
- Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
- At which stage of the transaction are they deemed nonrefundable?
- What lawyer costs and other legal fees will need to be paid?